While the U.S. economy has set a high value on the voluntary standard setting system, serious concern also exists that this voluntary system can be misused to exclude competitors and injure consumers.The author addresses these concerns in light of the ASME v. Hydrolevel Corporation case in which the Supreme Court affirmed that the ASME was liable for damages to Hydrolevel because of the anti-competitive activities of some of its members involved in the society's standard setting process.